Housing costs push metro area price index up, feds report

The federal Bureau of Labor Statistics said its consumer price index for the 25-county region that includes Long Island increased 1.9 percent last month compared with November 2017. Photo Credit: Todd Maisel

"OPEC and other oil producers agreed earlier this month to slash production in a bid to support prices," he said. "A rising dollar is also helping hold down import prices. However, inflationary pressures are being buoyed by recent increases to wage gains amid a tight labor market."

He also predicted the Federal Reserve would raise short-term interest rates later this month but reduce the number of rate hikes in 2019 from three to two.